How To Be Smart When Spending Money On Gadgets

Spending money on gadgets seems to be an automatic consumer reaction when new tech companies release a new model within their product line. And these releases do not come cheap. Just like how recently, Apple released its latest phone dubbed iPhone X which retails at $999. That is for the base model which only means that models with higher specifications would only be more expensive.

This is just with phones because the same can be said with other gadgets. From fitness watches to tablets and even laptops and personal computers, the list goes on. Coupled with an economy that is hinged on consumer purchase as well as a short product cycle for technological products, prices are going to soar up. In fact, Forbes estimates that the wearable market would hit $4 billion in 2017. And this is just a small part of the gadgets being offered to consumers year round.

One thing you need to understand is that the demand for new tech will always be there. As such, the marketplace will be saturated by new models that the value of gadgets depreciates over time. This is one of the reasons why you need to be smart when spending money on gadgets. Here are a few ideas that can help you do just that.

Compare features very carefully

One of the things that you need to do before you go on buying the latest gadgets in the market is to compare the new model with the older version. This is especially so when your purchase is based on the fact that the newer model is better than the old one. From aesthetics to the internal components that make it work, you need to compare the two. This is also a good financial practice so you do not make money mistakes.

The reason for this is because there are times that the improvement is very minimal with the older version. It can be a bigger display of a few inches, better cameras by a few resolution, and even faster speed by just a little bit higher specification from the last model. The main takeaway in these is that spending money on gadgets if the improvement is not that glaring might not be a smart move.

You might be better off sticking to what you have if it is still working and wait for bigger updates on the next installment of newer models. This can help you save a ton of money which you can use to strengthen your finances. You can pay down some credit card debts or to even make your reserve funds bigger.

Can you have your gadget repaired?

There are times when you need a new gadget simply because the one you have at the moment is already broken. However, before you put down almost a thousand dollars on a new phone or television set, why not check if your unit can still be repaired. This would cost a fraction of what new models would saving you money in the process. An article in LinkedIn even pointed out how the repairs are part of a $4 billion dollar a year industry.

Repair is usually a big part of the after sales efforts of big companies and this covers repairs. However, there are repair centers you can check out who specializes with your specific gadget. If you want to get your item repaired, check the warranty coverage first for your gadget. You might still be entitled to a free repair or even a replacement. If not, be sure that the repair center has actual experience with your type of gadget and ask for a warranty after the repair.

Take a look at previous models

If you have been holding out for a few years for a new phone, spending money on gadgets like the new models might make sense. However, you could save a lot of money if you look at older models first. As mentioned earlier, depreciation is quite fast especially with newer models coming out every so often. This is something you can take advantage of.

For one, you can consider getting a less-expensive model as the cost would be lower compared to recent ones. If you really want the latest iteration, try holding out for a few weeks or months when the hype has gone down. The selling price for new models could have gone down. Also, this gives you the chance to read up on reviews about the product. This can help you decide if the item is living up to its potential.

Consider buying refurbished items before spending money on gadgets

There is a stigma surrounding refurbished items but a lot of them are actually brand new ones that do not come with the original package. Yes, there are some items that have been repaired to look as if it is brand new but you can always ask around. Take into consideration also that spending money on gadgets is a big investment. Regardless whether it is brand new or refurbished, you need to make sure that you are buying from a reputable source.

If the deal seems too good to be true, there is a big chance that you are being scammed. Conduct due diligence on the seller to check them out if you are buying refurbished items. You can ask friends or family members if they can recommend sellers. You can also quickly do an online search to know more and read through customer reviews as well.

Trade in old gadgets

If you are decided on spending money on gadgets especially those that just came out, try to look for ways to get a discount. It may not be from the store itself but you can explore options to make the final amount less than the sticker price. One is selling your old gadgets so you can use the money to buy the new one. This is one way to make money fast.

You might even be able to find a seller willing to trade in your old gadget for a discount on the price. If this is the case, you might want to clean up and put in some minor repairs if you have to. This increases the value of your unit and you might be able to get a bigger discount on the gadget you want to buy.

Here is a video showing where you can sell or trade in your gadgets especially your iPhones:

Use old devices for backup

Once you have a new gadget and you did not really sell the old one or used it to trade for a lower price, you can use it as backup. There can be times when your new one might break or not work properly and you send it in for repair or replacement. While that is happening, you can use your old items to tide you through. Just be careful because it could get out of hand and you don’t notice you already have several late models of a phone you use for backup.

Spending money on gadgets is not automatically a bad idea because there are gadgets that can help you improve your day to day living. The idea is to be smart with how you buy the gadget and explore other options first before choosing to buy new gadgets at full price.

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